U.S. March retail saleswere up more than forecast, gaining 1.6% versus the consensus 1.3% estimate. The data was taken as a sign that consumer confidence is picking up and pent-up demand is being released. Strong auto sales drove much of the gains, but retailers were broadly stronger.
U.S. business inventories were also up more than expected, gaining 0.5% in February. Economists had expected a 0.4% increase. Businesses are beginning to replenish shelves and warehouses as the economy improves.
Consumer prices edged up an expected 0.1%, while the core CPI, which excludes food and energy prices, held steady. The data encouraged investors that the Federal Reserve will continue to keep rates near zero.
Meanwhile, Federal Reserve chairman Ben Bernanke said he expects the U.S. economy to recover at a moderate pace this year, but emphasized recovery depends on consumers and companies.
very very strong data
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